Norway's $500 billion oil fund, Europe's largest institutional investor, and Swedish pension funds managing more than $100 billion in assets have dropped the Israeli defense contractor Elbit Systems Ltd., which provides surveillance equipment for the separation barrier.
The funds say Elbit violated ethical norms because of its involvement in the barrier, ruled illegal in a nonbinding decision by the International Court of Justice. Israel says it built the barrier to keep out Palestinian militants, but it swerves through the West Bank to incorporate Jewish settlements on the "Israeli" side.
Norway's investment in Elbit was $6 million, negligible for a company valued at $2 billion. Elbit won't discuss the divestments. The Norwegian fund also sold its $1.2 million in shares in Africa Israel Investments, which has a real estate holding that builds in settlements.
The Brussels-based bank Dexia, targeted by Belgian activists for lending to settlements, said its Israeli subsidiary is phasing out the settlement business. Assa Abloy, a Swedish lock maker, said it would move its Israeli factory from a settlement industrial park to Israel proper within a year.
SodaStream, a maker of home carbonating systems, said some of the $109 million raised in a public offering in November is to be used to build a new factory outside the West Bank, though it won't say whether it would eventually close an existing settlement facility.
Some major Christian denominations also are wrestling with the divestment issue.
The World Council of Churches, which represents 560 million Christians, has called for responsible investment and a boycott of settlement products.
The Presbyterians are trying to persuade several multinationals to cut West Bank ties and leave open the possibility of future divestment. The United Methodists, who have called on Israel to end its occupation of Palestinian-claimed territories, failed to pass a divestment bill at a 2008 convention, though activists said such efforts would continue.
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